Vast majority of GTA Millennials fear buying a home is out of reach, poll says

Oct. 2, 2018

There is great concern among GTA Millennials that they will be unable to afford a home, according to a new poll from the Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB).

The fear goes deeper, as GTA residents also expressed a lack of confidence about the likelihood their children will be able to remain in the communities where they grew up.

“According to a recent Centre for Urban Research and Land Development study, there are about 730,000 Millennials living in the Greater Toronto and Hamilton Area who may be planning to move on from living in their parents’ homes and from sharing a dwelling with roommates in the next 10 years, potentially creating 500,000 new households,” says Dave Wilkes, BILD President and CEO.

KEY POLL RESULTS

When considering the issues in the municipal elections on Oct. 22, GTA residents say they are concerned with the ability of today’s youth to afford a home in the GTA, including:

94 per cent of respondents between the ages of 18 to 35

84 per cent of respondents between the ages of 35 to 54

80 per cent of respondents age 55 plus

88 per cent of women and 82 per cent of men

Interestingly, although Millennials are concerned about the ability to own a home, they are also the most optimistic group regarding housing supply, with 41 per cent of them believing that the GTA is well prepared to provide housing for the number of new residents that settle here every year. This is substantially higher than those age 35 to 54 (31 per cent) and those over 55 (27 per cent).

GTA residents are pessimistic in terms of their ability to achieve home ownership, as well as their children’s future abilities to afford homes in their communities. There is also a consensus among residents that the GTA has an inadequate supply of affordable housing being built, or that the city will be able to accommodate the 115,000 new residents that enter every year.

Source: 2018 Ipsos

When picking a new home, 60 per cent of GTA residents say they value a neighbourhood that is walkable and bikeable, in addition to being within proximity to shopping, entertainment and government services. This is closely followed by those who prefer access to convenient transit (56 per cent) and proximity to work and school (54 per cent).

Nearly seven out of 10 respondents feel that their children will be unable to afford a home in the community where they grew up. These respondents agrees it is important for young families to be able to afford to live and work within the GTA without having to deal with long commutes.

When asked, “To what extent do you strongly or somewhat agree or disagree with the following”:

92 per cent agree that the dream of home ownership is becoming more difficult to achieve for young people living in my city

86 per cent agree that it is important that young families can afford to live and work within the GTA without having to commute over an hour to get to work

39 per cent agree that there are enough homes being built in my city to help keep housing affordable

33 per cent agree that the GTA is well prepared to provide housing for roughly 115,000 new residents that settle here each year

33 per cent agree that my children (or my friends’ children) will be able to afford a home in my community when they grow up

MILLENNIALS MOVING OUT

“The best public policy is proactive, not reactive,” says Garry Bhaura, president of the Toronto Real Estate Board. “We hope these poll results demonstrate that the time for municipal decision-makers to start thinking about housing choice and supply for all GTA residents who want to own a home is now.”

“In the next decade, we are likely to be part of a significant housing shift in our region, as a large wave of Millennials start looking for a place to live of their own,” adds Wilkes. “Add the estimated 115,000 new residents that come to the GTA every year, and the area will see itself in a housing crisis. I urge voters and candidates to learn more about BILD’s recommendations at buildforgrowth.ca.”

“With a municipal election just a few short weeks away, the public has an opportunity to ask candidates to commit to policies that will make it easier to fill their housing needs,” says John DiMichele, chief executive officer of TREB. “GTA homebuyers do not have adequate choice in housing available for sale or rent, and municipal government policy is one of the key reasons.

The Bank of Canada held its target for the overnight rate at 1.75 per cent on Jan. 9, where it has been since October 2018, and is lowering its growth forecast this year for Canada and around the world.

It may be a new year, but not necessarily a happy one for everyone. A new CIBC poll finds paying down debt is the top financial priority for Canadians heading in 2019. Almost a third (29 per cent) say they've taken on more debt in the past 12 months, citing day-to-day expenses as the key reason for piling up debt.

Pantone’s 2019 Colour of the Year “Living Coral” can do almost anything, proving itself to be much more than just an accent colour. We sat down with Nicholas Rosaci, interior design expert and upcoming speaker at the 2019 GTA Home & Reno Show, to talk decor trends and learn how to incorporate this vibrant hue into our home for the upcoming year.

A team of volunteers from Great Gulf recently prepared and served food at Ronald McDonald House Charities (RMHC) in Toronto, by participating in the Home for Dinner program bringing smiles and a delicious, hot dinner to 150 people.

The GTA new home market saw more typical activity levels in November, both in new home sales and new project openings, after a relatively strong October, the Building Industry and Land Development Association (BILD) reports.

Luxury home builder and land developer, Kylemore Communities/Angus Glen Development, embraced the spirit of giving this season with a donation to benefit Markham Stouffville Hospital Foundation and by hosting an annual Holiday Celebration for consultants, suppliers and staff.

Established in 1987, Caesarstone pioneered the original quartz surface and continues to be a leading developer and manufacturer of premium surfaces. Highly functional and design forward, Caesarstone surfaces have endless application possibilities including kitchen countertops, bathroom vanities, wall paneling, furniture and more.

Euro-Line Appliances has brought elite European engineered appliances to Canadian homes for over 25 years. Our brands exceed expectations and have earned awards in design, engineering, performance, and energy efficiency. All of our cooking, refrigeration, dishwashers, and laundry appliances are created to conserve our non-renewable resources.

BONE Structure has designed and patented a structural steel frame and insulation system that is the best integrator to build Net-Zero Energy custom homes. Using an integrated process inspired by the aerospace industry, we design and build high-performance, sustainable homes.

Created by fusion of exceptional design, superior quartz quality and cutting-edge technology, HansStone Quartz weaves together intriguing patterns and colours inspired by the diverse Canadian landscape.

Sharing Passion & Performance. With our unique expertise and sensibilities, gained from our devotion to sound and music, we are committed to creating excitement and cultural inspiration together with people around the world.

Through our customer feedback, we have learned the importance of ‘service’. You said and we listened. We addressed your needs and improvised; bringing you services and quality no one in the industry offers.

Since 1989 Men At Work has specialized in renewing and enlarging older houses in core Toronto neighbourhoods. We are experts in managing the challenges of renovating sensitive old buildings into beautiful, functional, comfortable living spaces.

Over the past 14 years Factory Tile Depot has become #1 for everything tile and stone. With 5 locations showcasing the latest and greatest trends in the tile industry, we have built the confidence of trade and retail clients alike. We are proud to offer well thought out showrooms, extensive selections of hard to find tile-stone, on site designers, and some of the best after care support in the industry. Experience the FTD difference on your next project.

Fusion Stone is an easy and budget-friendly way to beautifully upgrade your home, inside and out. A patented Shouldice innovation, Fusion Stone is a thin stone veneer that is easily installed with the included stainless steel clips & screws. You just screw it to the wall and it’s “Hooked for Life”.

Fisher & Paykel incorporates the world’s most innovative technologies and produce the most technically advanced, efficient and contemporary styled appliances. DCS created the first line of high end, commercial quality appliances and expanded to pioneer indoor and outdoor kitchen solutions for the at home chef. TRADE ONLY.

We've been proudly serving the community for more than 160 years. We deliver natural gas safely and reliably to two million homes and businesses across Ontario. With safety as our ongoing priority, we're committed to making communities better places to live.

Cosentino is a global, family-owned company that produces and distributes high value innovative surfaces for the world of architecture and design, leaders in their respective segments such as Silestone® Quartz surfaces and Dekton® Ultracompact surfaces. Technologically advanced surfaces that create unique designs for the home and public spaces.

With over 90 years of experience, BLANCO is the leading kitchen sinks and faucets manufacturer. From handcrafted in Germany Steelart® sinks and the beauty of Silgranit®, to the European design faucets, BLANCO products are celebrated worldwide for their unmatched quality and design. Blanco Silgranit® sinks are proudly manufactured in Canada TRADE ONLY.

X-Tile is sure to have whatever you need to express your unique individual style. We offer you an exceptional variety of wall and flooring options in ceramic, porcelain, natural stone, glass, mosaic and much more from leading suppliers around the world. Let our knowledgeable and friendly staff help you in your dream renovation or building project.

At Riobel we design, create and assemble faucets, shower systems and accessories in our Canadian facility located in St-Jérôme, a suburb of Montréal. Our modern and fashionable products are designed to fit all kitchens or bathrooms. They are easy to install, while mechanical parts are accessible from above the counter to facilitate cleaning and maintenance. Riobel: a benchmark of excellence since 1995!

More than a kitchen and bath luxury showroom, The Water Closet offers unparalleled service, selection and solutions for all your plumbing and heating needs. Our goal is to be your full-service showroom while “Enhancing the Flow of Life”.

Right from our opening in 1989, The Floor Shop has focused on developing extensive product knowledge on all hardwood flooring, engineered hardwoods, exotics and green flooring products. Over the years, we have developed a team of professional installers, accurate estimators, and very informative customer service staffers. Our GTA showrooms feature hundreds of floor samples by species, colour, milling profiles and installation applications.

Curves International, Inc. is one of the largest chains of fitness centers for women in the world. We are famous for our 30-minute Circuit that works every major muscle group with strength training, cardio and stretching and always has a coach to help members with proper form, answer questions and offer encouragement.

The Hide House – A truly unique shopping experience! Find an unrivalled selection of luxurious leather, suede, wool, down and shearling fashions and accessories. Plus a large selection of fine leather furniture in our restored brick-and-beam building.